Crypto Flipsider News – UK Regulation; Goldman Sachs buys companies; Binance gains 30%; the circle will not become public; Litecoin rate up 9%

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UK Finalizes Plans to Regulate ‘Wild West’ Cryptocurrency Industry

In response to the shocking collapse of FTX, governments around the world have resorted to accelerating regulation. UK Treasury Now Finalize Plans to regulate the crypto industry.

British ministers are also preparing to launch a consultation on a new regulatory regime for cryptocurrencies. The move is part of the Financial Services and Markets Bill, which is the legislation Parliament is currently passing through.

The new crypto regulation will give the Financial Conduct Authority (FCA) more regulatory oversight over cryptocurrencies. The Financial Conduct Authority (FCA) will start monitoring how companies operate and advertise their products if approved.

The framework would also give FCA oversight to limit how foreign companies can sell their crypto-products in the UK, and deal with corporate collapse and restrictions on product advertising.

The collapse of FTX has raised awareness of the risks inherent in the crypto industry and the need for regulatory oversight.

Goldman Sachs is preparing to shop for crypto companies in the midst of a market crisis

The collapse of FTX, one of the world’s largest cryptocurrency exchanges, sent shockwaves through the cryptocurrency industry, as a growing number of crypto companies declared bankruptcy as the infection spread.

Sensing the opportunity presented by the shrinking valuation of crypto companies, Goldman Sachs, one of the world’s largest investment banks, is said to be looking to acquire some of these companies.

Matthew McDermott, Head of Digital Assets at Goldman, said in his recent interview that the company sees “some really interesting opportunities, at more reasonable pricing,” as the crypto winter gets more turbulent.

McDermott also notes that the investment bank has done its market due diligence. According to the report, Goldman Sachs could spend millions of dollars on crypto companies.

Despite the shopping sprees, Goldman Sachs maintains that the collapse of FTX highlights the need for more regulation within the industry.

Binance reported a 30% increase in trading activity after the FTX crash

Despite the aftermath of the FTX crash, the crypto industry has rebounded from the recession, as traders migrate from the beleaguered cryptocurrency exchange to other functional exchanges.

According to on-chain data, the world’s largest cryptocurrency exchange, Binance, is the biggest beneficiary of the exodus, with its trading volume up 30% in November.

Kaiko data provider mentioned Binance’s monthly trading volume increased by 23% to $705 billion. In addition, trading activity on the stock exchange increased by 30% in the past month. Coinbase and Kraken also saw a significant increase in activity.

As investors sought to move their funds after the FTX crash, Binance disclosed its assets and wallet addresses where the exchange stores customer funds to improve transparency.

Kaiko explained that Binance is benefiting from the collapse because the company projected a picture of strength with the best liquidity of any central exchange.

USD Coin (USDC) Stablecoin issuer Circle is finalizing its plans to go public

US dollar stablecoin (USDC) issuer Circle has ended its $9 billion agreement with Concord Acquisition Corp. , a blank check company, ending its plans to go public.

Circle announce On Monday, December 5, the two companies “mutually agreed” to terminate the merger. Circle’s IPO plan was first announced in July 2021 at a valuation of $4.5 billion before being raised to $9 billion.

Concord had until December 10 to complete the deal to buy the circuit, which would have taken the last public on the New York Stock Exchange.

According to Circle CEO Jeremy Allaire, his company did not complete “the SEC qualification in a timely manner.” He said the SEC was “rigorous and thorough in understanding our business.”

Going public remains part of Circle’s core strategy to promote trust and transparency, says Jeremy Allaire.

Litecoin (LTC) Up 9% in 24 Hours, Site Claims 12th Largest Cryptocurrency

Litecoin (LTC) took the twelfth position in the cryptocurrency market capitalization ranking, after rising 9% at the start of the week, while most of the cryptocurrency market bowed to pressure from the latest US non-farm payroll numbers.

LTC remained one of the few bright spots for the cryptocurrency market through the FTX-induced market crash, rising from $49 on FTX’s internal breakdown to $83,7 today – the highest LTC has traded in seven months.

Litecoin (LTC) price chart for three weeks. source: CoinMarketCap

Litecoin’s rally comes after the asset exited a symmetrical triangle in late October. However, the outbreak coincided with MoneyGram’s announcement that it would enable users to buy, store, and use LTC for payments.

After a massive rally, LTC rebounded by 4%, trading above the $80 level. However, Litecoin still ranks 12th as its market cap has grown from $4 billion to $5.7 billion.

Litecoin’s rally draws intensity from MoneyGram’s decision to integrate LTC into crypto services and the upcoming coin halving event.

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